Are You a Bear or a Bull? Charts Support Both

Like life, the stock market is rarely black or white. Right now, however, the outlook is particularly muddled. In technical analysis, when moving averages cross over each other to the downside we call it black. When they cross to the upside we call it golden. Now, the market is giving off mixed signals, making it no more than a bland beige.

Action over the past few days has been bearish, as the Standard & Poor’s 500 dipped to a three-week low. And several major indexes, such as the New York Stock Exchange composite,...